Iconix Brand Group, Inc., which owns the Danskin, Starter and Ocean Pacific brands, among many others, reported a strong fourth quarter as the company continues to expand its direct to retail licensing programs. 

 

Fourth quarter revenue increased 14.4% to approximately $54.3 million, as compared to approximately $47.4 million in the fourth quarter of 2007.  Revenue for the full year increased 35.5% to approximately $216.8 million, as compared to approximately $160.0 million in the prior year.


Fourth quarter net income decreased 10.9% to approximately $17.1 million, as compared to $19.2 million in the prior year quarter. Full year net income increased 10.0% to $70.2 million, as compared to $63.8 million in the prior year. GAAP diluted earnings per share increased to $1.15 versus $1.04 in the prior year.


The company is re-affirming its full year 2009 EPS guidance of diluted EPS between $1.20 and $1.30 excluding the change in accounting policy related to convertible debt and between $1.06 and $1.16 including the non-cash interest related to the new accounting policy for convertible debt.  The company is now projecting its 2009 revenue to be in a range of $210.0 to $220.0 million.  ICON anticipates that “significant growth” in the retail segment will be primarily driven by the three brands at Walmart — OP, Starter, and Danskin — which are expected to double sales in 2009.